Tata Steel subsidiary sells tug business to Adani Ports

Mumbai, Dec 7 (IANS) TM International Logistics Ltd (TMILL), a subsidiary of Tata Steel, sold its entire stake in its step-down subsidiary TM Harbour Services Pvt. Ltd (TMHSPL) to Adani Ports and Special Economic Zone (APSEZ) for Rs 106 crore, the steel producer said on Wednesday.

“Tata Steel announced that its subsidiary TM International has divested entire stake in its wholly-owned step down subsidiary TM Harbour Services Pvt Ltd to Adani Ports and Special Economic Zone Limited for a total consideration of Rs 106 crore in an all cash deal,” a regulatory filing to BSE.

TMHSPL, with an annual turnover of about Rs 29 crore, is engaged in the business of providing tug services at Dhamra port and owns three tug boats, it said.

The TMILL which is a joint venture of company of Tata Steel, NYK Holding (Europe) BV and IQ Martrade offers logistic solutions for dry bulk, containerised and project cargo and wide range of logistic services.